J&W Buffet Co. employees earned $350,000 in the week ended December 17, 2010. Of this, $26,775 was

Question:

J&W Buffet Co. employees earned $350,000 in the week ended December 17, 2010. Of this, $26,775 was deducted from employees’ pay for FICA and $62,000 was deducted for income taxes.
Prepare the journal entry to record the employees’ portion of payroll for December 17, 2010.
Prepare the journal entry to record the employer’s share of FICA payroll taxes for December 17, 2010.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Accounting

ISBN: 978-0324401844

22nd Edition

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

Question Posted: